Harbor Stone Advisors has been awarded the assignment to market Cathedral Commons, a gut-renovated and fully-occupied asset located in Mount Vernon. Harbor Stone Advisors President, Justin Verner, Director, Brooks Healy, and Senior Advisor, Tom Wohlgemuth, are marketing the property.
Cathedral Commons, located 511-513 Cathedral St., features a mix of (4) Studios and (12) 1 Br-1 Ba. Typical unit features consist of white/stainless steel appliances, granite countertops, wood cabinets, hardwood/tile flooring, and in-unit washer/dryers in select units. Additionally, the property features 10 on-site surface parking spaces.
Prior ownership completed a gut renovation of the property in 2013, which included unit renovations. Further completed property renovations include window replacements and mechanical system updates.
The opportunity exists for a new owner to focus on organic rent growth, as similar properties nearby are achieving an average of $130 higher per unit, per month.
Boasting a walk score of 99 and a transit score of 100, the property is located in the coveted Mount Vernon neighborhood. The subject property is ideally located within steps of several major employers and ample public transportation, as well as several retail, dining, and cultural attractions. Of note, the property is within steps of The Peabody Institute of The Johns Hopkins University, a private music conservatory which hosts over 1,000 daily employees and students, as well as the newly renovated CFG Bank Arena and Lexington Market. The property is within steps of a LightRail and Baltimore Metro SubwayLink Station, and a 10-minute drive from Baltimore’s historic Penn Station. Penn Station is set to receive $150 million in renovations in the coming years, and offers convenient access to Amtrak trains and the MARC commuter train to Washington, D.C.
About Harbor Stone Advisors
Harbor Stone Advisors specializes in middle-market multifamily investment sales throughout the Mid-Atlantic. Advisory services include value opinions, asset dispositions and marketability analysis for private clients, owners, investors and financial organizations. For additional information, visit:
